The subscription of investors in the public offering of the shares of ADNOC Drilling is scheduled to end today, as the share price reached 2.3 dirhams.
According to Arabiya Net, the initial public offering of the company's shares, which began on September 13, ends with this.
ADNOC, which owns the majority of ADNOC Drilling's shares, announced last Wednesday an increase in the number of shares offered in the initial public offering of ADNOC Drilling from 1.2 billion ordinary shares to 1.76 billion ordinary shares, equivalent to 11% of the total capital of ADNOC Drilling, after obtaining the approval of the Securities and Commodities Authority in the country.
After the completion of the IPO, ADNOC will own the majority stake in ADNOC Drilling, which amounts to 84%, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, with its 5% stake in the company.
The offering price remained the same at 2.30 dirhams per share, unchanged, bringing the value of the new subscription to 3.84 billion dirhams.
The subscription period for the company's public offering officially began on September 13, and on September 23 the subscription of individual investors and company employees was closed.
ADNOC Drilling is expected to be listed on the Abu Dhabi Securities Exchange on October 3, 2021.
